Generally, performance testing of logic or memory circuits embodied in very large scale integrated circuit chips requires testers capable of testing at the circuit's operational speed. To guarantee AC performance at the designed speed for the circuit under test, the tester must be capable of applying functional test patterns and detecting output response using the high speed clock and data rates required by the product application. Thus AC testing of high performance designs generally requires high speed testers. Conventional testers are capable of precisely timing the instant at which test pulses are generated or received for high speed testing. However, conventional testers are limited by the repetition rate at which accesses can be made to their memory which is used for outputting test patterns or storing test results. The typical conventional AC tester is limited by the tester's memory cycle time which prevents the tester from outputting new test words to the device under test or storing the results from the device under test at a higher rate than the tester's memory cycle time. Frequently, however, the device under test has its clock operating at a substantially higher rate than the cycle time of the tester' s memory. Thus, complete testing of the high speed device under test is not possible with conventional, slower speed test equipment.